Traveling around the world is an incredible way to learn about different cultures, history, natural beauty, architecture, and of course take in some very memorable destinations. But there may come a point in your travels where you decide you’d rather put down roots in one destination and call it your second home, and go ahead and purchase a permanent vacation property.
If that’s the case, there are some tips and advice that can be valuable during the process, helping to ensure you find that perfect vacation home.
Financing Your Second Home
If you already own a home, then you will in fact be looking at financing a second home. If you don’t have the cash to pay for it in full, a great option is a second home loan. Because second homes, or vacation homes, have their own set of unique considerations, it’s best to find a lender that understands this and offers these types of loans.
A good mortgage broker will be able to walk you through the process and ask such key questions as who will live in the home, will you rent it out when you aren’t there, how far is it from your primary home, and more. The answers to these questions will help you to find the ideal financing plan.
Location is Just as Important in Your Second Home
There’s a good chance you thought long and hard about where you wanted your primary residence to be located, and your second home should be no different. You want a vacation home that meets all your needs where location is concerned. You can change a lot about your vacation home, but you can’t change its location. This means if you have a particular area, town, city, or neighborhood in mind, stick to your guns.
Consider Renting in the Area First
Some real estate experts recommend you rent in the area that you have your eye on first. This will give you an idea of the atmosphere and amenities before you go and make that investment. You may just find that your “ideal” location isn’t that ideal after all, and you’re best to look in other areas.
How Much Space Do You Need?
Space is another thing you’ll want to give consideration. In a second home, often you don’t need as much space as your primary residence, which means you may be able to downsize. This will ensure upkeep is kept to a minimum, the property is easier to secure, and the cost of the home may be lower.
Does It Come Furnished?
Depending on where you choose to buy a vacation home and how remote the area is, you may want to look for a place that is fully furnished. This will cut down on expenses for you, and allow you to move right in and start enjoying it immediately.
A Few of the Considerations
These are just a few of the considerations worth mulling over before you go ahead and purchase that first vacation home. It’s a big step, and when you put the research and time into it, you’re bound to find that perfect home.